

<!DOCTYPE html>
<html lang="zh-CN" data-default-color-scheme=&#34;auto&#34;>



<head>
  <meta charset="UTF-8">
  <link rel="apple-touch-icon" sizes="76x76" href="/img/insert1.png">
  <link rel="icon" href="/img/insert1.png">
  <meta name="viewport"
        content="width=device-width, initial-scale=1.0, maximum-scale=1.0, user-scalable=no, shrink-to-fit=no">
  <meta http-equiv="x-ua-compatible" content="ie=edge">
  
  <meta name="theme-color" content="#2f4154">
  
    <meta name="description" content="无聊的人生只剩下无尽的空虚。">
  
  <meta name="author" content="Mike Taylor">
  <meta name="keywords" content="我的博客">
  
  <title>金融 第一周 - Mike Taylor</title>

  <link  rel="stylesheet" href="https://cdn.jsdelivr.net/npm/bootstrap@4.5.3/dist/css/bootstrap.min.css" />


  <link  rel="stylesheet" href="https://cdn.jsdelivr.net/npm/github-markdown-css@4.0.0/github-markdown.min.css" />
  <link  rel="stylesheet" href="/lib/hint/hint.min.css" />

  
    
    
      
      <link  rel="stylesheet" href="https://cdn.jsdelivr.net/npm/highlight.js@10.4.0/styles/github-gist.min.css" />
    
  

  
    <link  rel="stylesheet" href="https://cdn.jsdelivr.net/npm/@fancyapps/fancybox@3.5.7/dist/jquery.fancybox.min.css" />
  



<!-- 主题依赖的图标库，不要自行修改 -->

<link rel="stylesheet" href="//at.alicdn.com/t/font_1749284_ba1fz6golrf.css">



<link rel="stylesheet" href="//at.alicdn.com/t/font_1736178_kmeydafke9r.css">


<link  rel="stylesheet" href="/css/main.css" />

<!-- 自定义样式保持在最底部 -->


  <script id="fluid-configs">
    var Fluid = window.Fluid || {};
    var CONFIG = {"hostname":"gitee.com","root":"/","version":"1.8.8","typing":{"enable":true,"typeSpeed":30,"cursorChar":"|","loop":false},"anchorjs":{"enable":true,"element":"h1,h2,h3,h4,h5,h6","placement":"right","visible":"hover","icon":""},"progressbar":{"enable":true,"height_px":3,"color":"#29d","options":{"showSpinner":false,"trickleSpeed":100}},"copy_btn":true,"image_zoom":{"enable":true},"toc":{"enable":true,"headingSelector":"h1,h2,h3,h4,h5,h6","collapseDepth":0},"lazyload":{"enable":true,"onlypost":false},"web_analytics":{"enable":false,"baidu":null,"google":null,"gtag":null,"tencent":{"sid":null,"cid":null},"woyaola":null,"cnzz":null,"leancloud":{"app_id":null,"app_key":null,"server_url":null}}};
  </script>
  <script  src="/js/utils.js" ></script>
  <script  src="/js/color-schema.js" ></script>
</head>


<body>
  <header style="height: 70vh;">
    <nav id="navbar" class="navbar fixed-top  navbar-expand-lg navbar-dark scrolling-navbar">
  <div class="container">
    <a class="navbar-brand"
       href="/">&nbsp;<strong>Mike Taylor's</strong>&nbsp;</a>

    <button id="navbar-toggler-btn" class="navbar-toggler" type="button" data-toggle="collapse"
            data-target="#navbarSupportedContent"
            aria-controls="navbarSupportedContent" aria-expanded="false" aria-label="Toggle navigation">
      <div class="animated-icon"><span></span><span></span><span></span></div>
    </button>

    <!-- Collapsible content -->
    <div class="collapse navbar-collapse" id="navbarSupportedContent">
      <ul class="navbar-nav ml-auto text-center">
        
          
          
          
          
            <li class="nav-item">
              <a class="nav-link" href="/">
                <i class="iconfont icon-home-fill"></i>
                主页
              </a>
            </li>
          
        
          
          
          
          
            <li class="nav-item">
              <a class="nav-link" href="/archives/">
                <i class="iconfont icon-archive-fill"></i>
                日志
              </a>
            </li>
          
        
          
          
          
          
            <li class="nav-item">
              <a class="nav-link" href="/categories/">
                <i class="iconfont icon-category-fill"></i>
                目录
              </a>
            </li>
          
        
          
          
          
          
            <li class="nav-item">
              <a class="nav-link" href="/tags/">
                <i class="iconfont icon-tags-fill"></i>
                标签
              </a>
            </li>
          
        
          
          
          
          
            <li class="nav-item">
              <a class="nav-link" href="/about/">
                <i class="iconfont icon-user-fill"></i>
                个人
              </a>
            </li>
          
        
        
          <li class="nav-item" id="search-btn">
            <a class="nav-link" data-toggle="modal" data-target="#modalSearch">&nbsp;<i
                class="iconfont icon-search"></i>&nbsp;</a>
          </li>
        
        
          <li class="nav-item" id="color-toggle-btn">
            <a class="nav-link" href="javascript:">&nbsp;<i
                class="iconfont icon-dark" id="color-toggle-icon"></i>&nbsp;</a>
          </li>
        
      </ul>
    </div>
  </div>
</nav>

    <div class="banner" id="banner" parallax=true
         style="background: url('/img/default.png') no-repeat center center;
           background-size: cover;">
      <div class="full-bg-img">
        <div class="mask flex-center" style="background-color: rgba(0, 0, 0, 0.3)">
          <div class="page-header text-center fade-in-up">
            <span class="h2" id="subtitle" title="金融 第一周">
              
            </span>

            
              <div class="mt-3">
  
    <span class="post-meta mr-2">
      <i class="iconfont icon-author" aria-hidden="true"></i>
      Mike Taylor
    </span>
  
  
    <span class="post-meta">
      <i class="iconfont icon-date-fill" aria-hidden="true"></i>
      <time datetime="2021-03-10 19:45" pubdate>
        2021年3月10日 晚上
      </time>
    </span>
  
</div>

<div class="mt-1">
  
    
    <span class="post-meta mr-2">
      <i class="iconfont icon-chart"></i>
      1.6k 字
    </span>
  

  
    
    <span class="post-meta mr-2">
      <i class="iconfont icon-clock-fill"></i>
      
      
      16
       分钟
    </span>
  

  
  
    
      <!-- 不蒜子统计文章PV -->
      <span id="busuanzi_container_page_pv" style="display: none">
        <i class="iconfont icon-eye" aria-hidden="true"></i>
        <span id="busuanzi_value_page_pv"></span> 次
      </span>
    
  
</div>

            
          </div>

          
        </div>
      </div>
    </div>
  </header>

  <main>
    
      

<div class="container-fluid nopadding-x">
  <div class="row nomargin-x">
    <div class="d-none d-lg-block col-lg-2"></div>
    <div class="col-lg-8 nopadding-x-md">
      <div class="container nopadding-x-md" id="board-ctn">
        <div class="py-5" id="board">
          <article class="post-content mx-auto">
            <!-- SEO header -->
            <h1 style="display: none">金融 第一周</h1>
            
              <p class="note note-info">
                
                  本文最后更新于：2021年3月12日 晚上
                
              </p>
            
            <div class="markdown-body">
              <h2 id="金融的概念与含义"><a href="#金融的概念与含义" class="headerlink" title="金融的概念与含义"></a>金融的概念与含义</h2><p>货币：为了促进交易或价值交换而出现，而度量商品价值是货币的首要职能。</p>
<p>商品的价值正是商品可以给人们带来的效用、给企业带来的收益的一种度量。</p>
<p>货币可以将未来的一系列效用在“当前”、在“现在”体现和实现，从而“钱”具有变现的功能，进而价值度量和促进交易。</p>
<p>住房按揭贷款、消费贷款等帮助人们更好地平滑现在和将来之间的消费。</p>
<p>企业贷款帮助企业在现在和将来之间更好地进行资源配置。</p>
<p>风险意味着回报！</p>
<p>作为经济学的一门分支学科，金融学是研究人们如何在<strong>不确定</strong>环境下<strong>跨时期时间</strong>进行稀缺时间进行稀缺资源配置的一门学问。</p>
<ul>
<li>“钱”</li>
<li>资金的流动</li>
<li>风险的配置</li>
<li>信息的揭示</li>
<li>······</li>
</ul>
<p>金融学三大支柱：</p>
<ul>
<li>跨时期优化</li>
<li>风险管理</li>
<li>资产估值</li>
</ul>
<h2 id="个人-家庭和企业的金融决策"><a href="#个人-家庭和企业的金融决策" class="headerlink" title="个人/家庭和企业的金融决策"></a>个人/家庭和企业的金融决策</h2><p>个人/家庭金融决策：</p>
<ul>
<li>消费和储蓄决策</li>
<li>投资决策：如何花钱或现金流出的决策</li>
<li>融资决策：如何筹钱或现金流入决策</li>
<li>风险管理决策：如社保、医保等</li>
</ul>
<p>企业的金融决策：</p>
<ul>
<li><p>战略规划</p>
</li>
<li><p>资本预算/投资决策</p>
<ul>
<li>企业如何花钱</li>
</ul>
</li>
<li><p>资本结构/融资决策 </p>
<ul>
<li>融资金额大小与融资方式选择（股票 VS 债券）</li>
<li>不同的融资方式或资本结构意味着投资者不同（包括债券人）对公司利润分配、资产处置、重大决策投票权等具有不同的权力和权利。</li>
</ul>
</li>
<li><p>营运资本管理决策</p>
<ul>
<li>流动资产</li>
<li>流动负债</li>
<li>净营运资本=流动资产-流动负债</li>
</ul>
</li>
<li><p>股利决策</p>
<ul>
<li>债券人：优先获得利息或到期本金</li>
<li>股东：剩余索偿权</li>
</ul>
</li>
<li><p>风险管理决策</p>
<ul>
<li>面临的不确定因素：投资项目失败、生产成本增加、进出口企业、资金成本过高</li>
</ul>
<h2 id="资金的流动与金融系统"><a href="#资金的流动与金融系统" class="headerlink" title="资金的流动与金融系统"></a>资金的流动与金融系统</h2></li>
</ul>
<p><strong>金融系统</strong>：通过一系列的金融资产/合约交易（包括风险的交易），帮助家庭/个人、企业或政府执行各种金融决策的系统。通常包括：</p>
<ul>
<li>金融市场（交易所场所、场外市场······）</li>
<li>金融中介（商业银行、投资银行······）</li>
<li>服务公司（信用评级公司、投资咨询公司······）</li>
<li>其他机构（监管部门、非盈利机构······）</li>
</ul>
<p><strong>直接的资金流动</strong></p>
<p><img src="../image/QQ%E5%9B%BE%E7%89%8720210310204201.png" srcset="/img/loading.gif"></p>
<p><strong>通过“金融中介”的资金流动</strong></p>
<p><img src="../image/QQ%E5%9B%BE%E7%89%8720210310204607.png" srcset="/img/loading.gif"></p>
<p><strong>通过“金融市场”的资金流动</strong></p>
<p><img src="../image/QQ%E5%9B%BE%E7%89%8720210310205113.png" srcset="/img/loading.gif"></p>
<p><strong>先通过“金融中介”，再通过“金融市场”的资金流动</strong></p>
<p><img src="../image/QQ%E5%9B%BE%E7%89%8720210310205446.png" srcset="/img/loading.gif"></p>
<p><strong>先通过“金融市场”，再通过“金融中介”的资金流动</strong></p>
<p><img src="../image/QQ%E5%9B%BE%E7%89%8720210310205733.png" srcset="/img/loading.gif"></p>
<p>金融系统再定义：通过各种形式的金融产品/服务的提供，由金融市场和金融中介构成的金融系统使得交易参与者无法直接进行或有效进行的交易成为可能，进而更好地满足了人们（时间和风险两个维度上）的偏好需求。</p>
<ul>
<li>降低（边际交易成本）</li>
<li>扩大交易/服务范围等</li>
</ul>
<h2 id="金融市场的类型"><a href="#金融市场的类型" class="headerlink" title="金融市场的类型"></a>金融市场的类型</h2><p><strong>金融市场的交易组织形式</strong></p>
<ul>
<li>交易所：在集中、固定的交易大厅内进行金融交易的场所。 <ul>
<li>纽约交易所 NYSE</li>
<li>上海交易所 SHSE</li>
<li>深圳交易所 SZSE</li>
<li>中国金融期货交易所 CFFE</li>
</ul>
</li>
<li>场外市场（OTC）：又被称为“柜台/店头市场”，是分散在各个金融机构柜台的市场，无集中交易场所，通常也无统一的交易制度。<ul>
<li>纳斯达克股票交易市场 NASDAQ</li>
<li>LIBOR SHIBOR</li>
<li>互换/掉期市场 Swaps</li>
</ul>
</li>
</ul>
<p><strong>金融市场产品类型</strong></p>
<p><img src="../image/Screenshot_20210310_211042.jpg" srcset="/img/loading.gif"></p>
<p><strong>金融市场衍生产品</strong></p>
<p>衍生品价格高度依赖于股票、债券等基础资产的价格及其波动。</p>
<p><img src="../image/Screenshot_20210310_211248.jpg" srcset="/img/loading.gif"></p>
<p>概念解释–<strong>优先股</strong>：</p>
<ul>
<li>所谓”优先“，主要是指该类股东在利润分配和剩余索偿方面优先于普通股股东。<ul>
<li>股利支付比例预先设定（类似于债务利息）</li>
<li>其他权利范围通常较小：一般没有选举权和被选举权，对公司的重大经营无投票权（在某些情况下才享有投票权、有限表决权等。）</li>
</ul>
</li>
</ul>
<p><strong>金融市场产品期限</strong></p>
<p><img src="../image/Screenshot_20210310_212203.jpg" srcset="/img/loading.gif"></p>
<h2 id="金融创新与金融系统的功能"><a href="#金融创新与金融系统的功能" class="headerlink" title="金融创新与金融系统的功能"></a>金融创新与金融系统的功能</h2><p>金融变迁（略）</p>
<p>金融和金融系统演变和变化的原因：金融创新就像一只“无形的手”，促进了金融系统的不断演变，导致了金融产品及服务形式的不断改变，以最终满足人们“时间”和“风险”两个维度上的偏好需求。</p>
<p>金融创新的动力：</p>
<ul>
<li>人们偏好需求的变化</li>
<li>金融中介和金融市场上的竞争</li>
<li>通信、信息技术等的不断进步</li>
</ul>
<p><strong>金融系统的六大功能</strong>：</p>
<ul>
<li>清算和结算支付</li>
</ul>
<p><img src="../image/qq_pic_merged_1615383255752.jpg" srcset="/img/loading.gif"></p>
<ul>
<li><p>跨时间和空间转移资源</p>
</li>
<li><p>风险管理</p>
<ul>
<li>风险分散</li>
<li>风险对冲</li>
<li>期权/保险</li>
</ul>
</li>
<li><p>集合资源和分割股份</p>
</li>
<li><p>提供信息</p>
<ul>
<li>金融系统中，资产的价格是买卖交易或者供需共同作用的结果，而每一笔交易（或决策）反映了交易者（或决策者）所拥有、收集和分析处理后的信息，因此，可以同通过分析交易行为及资产价格表现等推断资产背后的信息。</li>
</ul>
</li>
<li><p>处理激励问题</p>
<ul>
<li><p>激励问题：交易（或签定合同）的双方由于信息不对称而导致的有损信息劣势方利益，进而有损市场交易的两种经济行为。</p>
</li>
<li><p>事后隐藏行动–道德风险：</p>
<ul>
<li><p>道德风险例子：</p>
</li>
<li><ul>
<li> 投了火灾保险的人就不关心是否失火，甚至故意纵火骗保。</li>
</ul>
</li>
<li><ul>
<li>上市公司擅自变更募集资金的用途</li>
</ul>
</li>
<li><p>解决方法：</p>
</li>
<li><ul>
<li>保险/贷款条约设计</li>
</ul>
</li>
<li><ul>
<li>募集资金使用的系列监管办法</li>
</ul>
</li>
<li><ul>
<li>风险投资的分阶段投资</li>
</ul>
</li>
</ul>
</li>
<li><p>事前隐藏类型–逆向选择</p>
<ul>
<li>逆向选择例子：</li>
<li><ul>
<li>二手车市场</li>
</ul>
</li>
<li><ul>
<li>中小企业融资难问题</li>
</ul>
</li>
<li>解决方法：</li>
<li><ul>
<li>信号传递与甄别</li>
</ul>
</li>
<li><ul>
<li>就业过程中“证书”和学校的“牌子”</li>
</ul>
</li>
<li><ul>
<li>抵押/担保贷款</li>
</ul>
</li>
<li><ul>
<li>上市之前的路演 </li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
</ul>
<h2 id="金融学科体系"><a href="#金融学科体系" class="headerlink" title="金融学科体系"></a>金融学科体系</h2><p><img src="../image/qq_pic_merged_1615388564316.jpg" srcset="/img/loading.gif"></p>

            </div>
            <hr>
            <div>
              <div class="post-metas mb-3">
                
                
                  <div class="post-meta">
                    <i class="iconfont icon-tags"></i>
                    
                      <a class="hover-with-bg" href="/tags/%E9%87%91%E8%9E%8D/">金融</a>
                    
                  </div>
                
              </div>
              
                <p class="note note-warning">
                  
                    本博客所有文章除特别声明外，均采用 <a href="https://creativecommons.org/licenses/by-sa/4.0/deed.zh" rel="nofollow noopener">CC BY-SA 4.0 协议</a> ，转载请注明出处！
                  
                </p>
              
              
                <div class="post-prevnext">
                  <article class="post-prev col-6">
                    
                    
                      <a href="/2021/03/15/%E5%89%8D%E7%AB%AF%E5%AD%A6%E4%B9%A06/">
                        <i class="iconfont icon-arrowleft"></i>
                        <span class="hidden-mobile">CSS基础</span>
                        <span class="visible-mobile">上一篇</span>
                      </a>
                    
                  </article>
                  <article class="post-next col-6">
                    
                    
                      <a href="/2021/03/09/%E5%89%8D%E7%AB%AF%E5%AD%A6%E4%B9%A05/">
                        <span class="hidden-mobile">iframe框架标签</span>
                        <span class="visible-mobile">下一篇</span>
                        <i class="iconfont icon-arrowright"></i>
                      </a>
                    
                  </article>
                </div>
              
            </div>

            
          </article>
        </div>
      </div>
    </div>
    
      <div class="d-none d-lg-block col-lg-2 toc-container" id="toc-ctn">
        <div id="toc">
  <p class="toc-header"><i class="iconfont icon-list"></i>&nbsp;目录</p>
  <div class="toc-body" id="toc-body"></div>
</div>

      </div>
    
  </div>
</div>

<!-- Custom -->

  <div class="col-lg-7 mx-auto nopadding-x-md">
    <div class="container custom post-custom mx-auto">
      <img src="https://octodex.github.com/images/jetpacktocat.png" srcset="/img/loading.gif" class="rounded mx-auto d-block mt-5" style="width:150px; height:150px;">
    </div>
  </div>


    

    
      <a id="scroll-top-button" href="#" role="button">
        <i class="iconfont icon-arrowup" aria-hidden="true"></i>
      </a>
    

    
      <div class="modal fade" id="modalSearch" tabindex="-1" role="dialog" aria-labelledby="ModalLabel"
     aria-hidden="true">
  <div class="modal-dialog modal-dialog-scrollable modal-lg" role="document">
    <div class="modal-content">
      <div class="modal-header text-center">
        <h4 class="modal-title w-100 font-weight-bold">搜索</h4>
        <button type="button" id="local-search-close" class="close" data-dismiss="modal" aria-label="Close">
          <span aria-hidden="true">&times;</span>
        </button>
      </div>
      <div class="modal-body mx-3">
        <div class="md-form mb-5">
          <input type="text" id="local-search-input" class="form-control validate">
          <label data-error="x" data-success="v"
                 for="local-search-input">关键词</label>
        </div>
        <div class="list-group" id="local-search-result"></div>
      </div>
    </div>
  </div>
</div>
    

    
  </main>

  <footer class="text-center mt-5 py-3">
  <div class="footer-content">
     <a href="https://hexo.io" target="_blank" rel="nofollow noopener"><span>Hexo</span></a> <i class="iconfont icon-love"></i> <a href="https://github.com/fluid-dev/hexo-theme-fluid" target="_blank" rel="nofollow noopener"><span>Fluid</span></a> 
  </div>
  

  
  <!-- 备案信息 -->
  <div class="beian">
    <span>
      <a href="http://beian.miit.gov.cn/" target="_blank" rel="nofollow noopener">
        京ICP证123456号
      </a>
    </span>
    
      
        <span>
          <a
            href="http://www.beian.gov.cn/portal/registerSystemInfo?recordcode=12345678"
            rel="nofollow noopener"
            class="beian-police"
            target="_blank"
          >
            
              <span style="visibility: hidden; width: 0">|</span>
              <img src="/img/police_beian.png" srcset="/img/loading.gif" alt="police-icon"/>
            
            <span>京公网安备12345678号</span>
          </a>
        </span>
      
    
  </div>


  
</footer>

<!-- SCRIPTS -->

  <script  src="https://cdn.jsdelivr.net/npm/nprogress@0.2.0/nprogress.min.js" ></script>
  <link  rel="stylesheet" href="https://cdn.jsdelivr.net/npm/nprogress@0.2.0/nprogress.min.css" />

  <script>
    NProgress.configure({"showSpinner":false,"trickleSpeed":100})
    NProgress.start()
    window.addEventListener('load', function() {
      NProgress.done();
    })
  </script>


<script  src="https://cdn.jsdelivr.net/npm/jquery@3.5.1/dist/jquery.min.js" ></script>
<script  src="https://cdn.jsdelivr.net/npm/bootstrap@4.5.3/dist/js/bootstrap.min.js" ></script>
<script  src="/js/debouncer.js" ></script>
<script  src="/js/events.js" ></script>
<script  src="/js/plugins.js" ></script>

<!-- Plugins -->


  
    <script  src="/js/lazyload.js" ></script>
  



  



  <script  src="https://cdn.jsdelivr.net/npm/tocbot@4.12.0/dist/tocbot.min.js" ></script>



  <script  src="https://cdn.jsdelivr.net/npm/@fancyapps/fancybox@3.5.7/dist/jquery.fancybox.min.js" ></script>



  <script  src="https://cdn.jsdelivr.net/npm/anchor-js@4.3.0/anchor.min.js" ></script>



  <script defer src="https://cdn.jsdelivr.net/npm/clipboard@2.0.6/dist/clipboard.min.js" ></script>



  <script defer src="https://busuanzi.ibruce.info/busuanzi/2.3/busuanzi.pure.mini.js" ></script>




  <script  src="https://cdn.jsdelivr.net/npm/typed.js@2.0.11/lib/typed.min.js" ></script>
  <script>
    (function (window, document) {
      var typing = Fluid.plugins.typing;
      var title = document.getElementById('subtitle').title;
      
      typing(title)
      
    })(window, document);
  </script>



  <script  src="/js/local-search.js" ></script>
  <script>
    (function () {
      var path = "/local-search.xml";
      $('#local-search-input').on('click', function() {
        searchFunc(path, 'local-search-input', 'local-search-result');
      });
      $('#modalSearch').on('shown.bs.modal', function() {
        $('#local-search-input').focus();
      });
    })()
  </script>















<!-- 主题的启动项 保持在最底部 -->
<script  src="/js/boot.js" ></script>



<script src="/live2dw/lib/L2Dwidget.min.js?094cbace49a39548bed64abff5988b05"></script><script>L2Dwidget.init({"pluginRootPath":"live2dw/","pluginJsPath":"lib/","pluginModelPath":"assets/","tagMode":false,"debug":false,"model":{"scale":1,"hHeadPos":0.5,"vHeadPos":0.618,"jsonPath":"/live2dw/assets/shizuku.model.json"},"display":{"superSample":2,"width":150,"height":300,"position":"right","hOffset":0,"vOffset":-20},"mobile":{"show":true,"scale":0.5},"react":{"opacityDefault":0.7,"opacityOnHover":0.8},"log":false});</script></body>
</html>
